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论文编号：	13378
作者编号：	2320190645
上传时间：	2022/6/13 20:12:54
中文题目：	并购战略对民营企业并购绩效的影响研究
英文题目：	Research on the influence of M&A strategy on M&A performance of private enterprises——Take the two M&A experiences of A medical beauty company as an example
指导老师：	姚颐
中文关键字：	并购战略；横向并购；多元化并购；并购绩效
英文关键字：	M&A strategy; Horizontal M&A; Diversified M&A; M&A performance
中文摘要：	摘 要公司并购既是实现公司规模扩张、提高公司的市场竞争力最重要的手段，也是实现公司资源更合理有效利用的重要途径。当前公司并购研究主要集中于两个主题：一个是研究公司并购活动是否创造了价值、以及如何评价并购绩效；另一个是研究哪些因素影响了并购绩效，其核心是对并购绩效的评价与影响因素的分析。本文以A医美公司为研究对象，其是一家管理者过度自信、非上市、中小规模的民营企业，近年A公司先后对医美、医药领域开展了并购活动。通过对其横向并购、多元化并购所取得的并购绩效进行财务指标对比分析，以及分别从并购战略的规划选择、交易实施阶段、以及并购交易后的整合这三个并购阶段来探究并购战略对并购绩效的影响。本文具体内容包括：研究A公司的并购动因，以及如何选择合适的并购战略；到公司并购实施阶段对并购绩效的影响因素分析；以及以财务指标法对横向并购、多元化并购的并购绩效进行评价和对比，总结分析A公司并购实践存在的问题及成因；最后,对改善A公司并购绩效，提出了相应的优化建议，指导A公司如何选择合适的并购战略、保障并购战略的实施、以及并购整合的有效措施。通过分析案例的经验教训，希望能给中小型的非上市民营企业一些并购实践上的借鉴，并能引发他们的思考与启示。关键词：并购战略；横向并购；多元化并购；并购绩效
英文摘要：	Abstract Merger and Acquisition(M&A) is an important means for companies to expand their own scale and improve their competitiveness. The occurrence of m&a is also one of the important ways for enterprises to survive the fittest and achieve more effective use of resources. The current research on m&a focuses on two topics: one is to study whether m&a creates value and how to evaluate m&a performance; The other is to study which factors affect m&a performance, the core of which is the evaluation of M&A performance and the analysis of influencing factors. This A Medical beauty Company is a managers overconfident, unlisted, small and medium-sized private enterprise . In recent years, this company has carried out merger and acquisition activities in the medical beauty and pharmaceutical fields. Through the comparative analysis of the financial indicators of the m&a performance, and the impact of THE M&A strategy on the M&A performance is explored from the planning and selection of the M&A strategy, the implementation stage of the transaction, and the integration after the m&a transaction. The specific contents of this paper include: study the motivation of A company's M&A, and how to choose the appropriate M&A strategy; Analysis of the factors influencing the performance of m&a in the implementation stage of m&a; In addition, financial index method is used to evaluate and compare the m&a performance of horizontal m&a and diversified M&A, and summarize and analyze the existing problems and causes of A company's M&A practice; Finally, to improve A company's M&A performance, put forward the corresponding optimization suggestions, guide A company how to choose the appropriate M&A strategy, guarantee the implementation of M&A strategy, as well as effective measures of M&A integration. Through the analysis of the experience and lessons of the case, I hope to give some reference to the practice of mergers and acquisitions of small and medium-sized non-listed private enterprises, and can trigger their thinking and inspiration. Key words: M&A strategy; Horizontal M&A; Diversified M&A; M&A performance
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